Camsell Lake diamond exploration results
Winspear Resources Ltd WSP
Shares issued 32,726,333 May 1 close $0.65
Fri 1 May 98 News Release
Mr. John McDonald reports
Camsell Lake Property
The Camsell Lake property is approximately 140 miles northeast of
Yellowknife, NWT. This property is administered under two joint ventures,
both of which are operated by Winspear; the Haywood project area (277,000
acres) in which Winspear's interest is 57.3 per cent, and the Athenia
project area (71,000 acres) in which Winspear's interest is 55 per cent.
The program undertaken on the Camsell property consisted of approximately
200 line km of ground geophysics, a 7554m drill program, extraction of a
200 tonne bulk sample, and initiation of preliminary environmental baseline
studies.
Approximately 200 tonnes of kimberlite dyke material have been extracted
and shipped to a test facility agreed to by the joint venture partners.
Preliminary results from processing this sample for diamond recovery should
be available in about eight weeks. About equal amounts of material were
obtained from live sites approximately 235m apart on the northwest
peninsula of Snap Lake which is in the northeast corner of the Haywood
project area. Caustic fusion analyses of 137.14 kg of drill core obtained
from this dyke during the 1997 spring program returned 401 diamonds
including 149 macro (10.9 macros/10 kg) and 252 micro diamonds.
The recently completed 7554m drill program on the Camsell Lake property
included 1109m that tested geophysical targets on the Athenia project and
6012m that tested a variety of targets on the Haywood project; most of the
Haywood drilling was in the Snap Lake area. The remaining 433m were drilled
to define the two bulk sample sites. Kimberlite was intersected in 22 holes
during the program, all of which were in the Snap Lake area. Kimberlite
intersections comprised two varieties of kimberlite breccia material to a
maximum thickness of approximately 5m as well as kimberlite dyke material
that was intersected over a wide area in the eastern half of Snap Lake in
thicknesses to approximately 2.8m. In addition to these intersections, two
drill holes tested the down-dip nature of the kimberlite dyke on the
northwest peninsula area of Snap Lake. Both holes intersected kimberlite
dyke material at the expected depth. If subsequent in-fill drilling
confirms continuity, these holes extend this dyke approximately 1100m east
of the most easterly intersection obtained in the 1997 program. Previous
drilling indicated that the dyke extends along strike for at least 1000m,
the dyke remains open along strike and down-dip.
At this stage, numerous intersections of a range of kimberlite material
have been encountered in and around Snap Lake, an area roughly 4 km x 4 km,
that demonstrate the presence of a large, complex kimberlite system. All
samples of kimberlite material that have been analysed from this area are
significantly diamond-bearing. Results obtained are being evaluated with
the objective of defining the focus for future work at Snap Lake. Winspear
is optimistic that a potentially economic kimberlite body remains to be
discovered within this kimberlite system in addition to the dyke from which
the bulk sample has been obtained.
Carat Property
Under an option agreement with Tyler Resources, Winspear can earn up to a
70 per cent interest in this 94,000 acre property that adjoins the north
boundary of the BHP-Dia Met property on which the Ekati diamond mine is
being constructed. A detailed helicopter-borne mag-EM survey comprising
about 3900 line km has been completed over this property. Results will be
evaluated when they become available in preparation for a summer
exploration program.
Hilltop Property
Winspear completed staking this 196,000 acre property in early 1998 and
subsequently undertook a detailed helicopter-borne mag-EM survey comprising
about 8900 line km. Results of this survey are being evaluated in
preparation for a summer exploration program.
Summer Program
Plans are under way for an active summer program that will include
additional follow-up sampling on the Haywood, King and Rocher properties as
well as preliminary till sampling on the Hilltop and Carat properties.
Details of these programs will be announced when they are finalized.
Winspear remains committed to diamond exploration in the Slave Province
where the potential for exploration success is demonstrably high. The
company is sufficiently financed to continue an aggressive exploration
program in this area and to evaluate worldwide diamond opportunities on a
continuing basis. |
